Understanding OPEC, OECD Influence on Crude Oil Markets

August 2016, Vol. 243, No. 8

By Jesse Yoder, Contributing Editor

The Energy Information Administration (EIA) accounts for oil supply and demand by reporting on OPEC and OECD countries. So it is worth looking at both organizations to understand better what they are and how they operate. The Organization of Petroleum Exporting Countries is a permanent, intergovernmental organization composed of 13 major oil-producing countries. It was founded at the Baghdad Conference on Sept. 10-14, 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Eight others joined in the intervening years: Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973)…

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